1. The Market Flashcards
What is marketing
Puting the right product, at the right place at the right price at th right time
Market size
- Indicates Potential Sales
- Usually measured in Volume (units) and/or Value (sales)
- Size of individual segments within the overall market can also be measured
4 p’s
- Product
- Price
- Place
- Promotion
Above the line
When media is used for marketing such as paid advertisment
Below the line
When media isn’t used, ads arent used
Niche advantages
- Higher price
- Customer satisfaction
- Fewer rivals
Niche disadvantages
- Higher costs
- Lower volume of sales
- Less customers
Mass advantages
- High economies of scale
- High technology (Technology Economies of Scale)
- Large market
- Higher volume of sales
Mass dissadvantages
- Higher capital costs
- High levels of competition
- More storage costs
- Shares capital (over 50%, loose control of business, can’t take decisions)
Factors of production
- Land
- Labour
- Capital
- Enterprise
Niche market key term
The subset of a mass market that focuses on a segment of thepopulation
Mass market key term
A very large market in which products with mass appeal are targeted
brand name
a name, term, sign, symbol, design or any other feature that allows consumers to identify the goods and sevices of a business and to differentiate them from those of competitors
credit crunch
A time when borrowing money becomes difficult because banks reduce the amount they lend and charge high interest rates
liquidation
the act of closing a company by selling the things that belong to it, in order to pay its debts
